As Equifax sheds its top execs, more experts are casting attention on the business practice of charging consumers for monitoring their personal data at bureaus that otherwise give them little control over their financial identities.

The Federal Reserve task force and committees planning a faster payments system in the U.S. have had to juggle different viewpoints, philosophies and agendas, but they are laser-focused on a key aspect of the initiative: They don’t want to come back to the drawing board once a system is in place by the targeted year of 2020.

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Until recently, many of the fraud prevention tactics employed by organizations have added to, not reduced, customer friction across the buying cycle, writes Michael Lynch, chief strategy officer at InAuth.

The Consumer Financial Protection Bureau’s final rule on arbitration clauses may be bad news for alleged corporate wrongdoers like Equifax and Wells Fargo, but surely for the victims of such wrongdoing — and for consumers, generally — it is good news indeed.

Equifax observed an increasingly well-worn ritual of scandal-ridden firms by jettisoning CEO Richard Smith: apologize, promise to do better in the future, and sacrifice your top executive in the hopes it will ward off action by Congress and regulators.

Richard Smith has resigned from the embattled Atlanta credit reporting company and will be replaced by Paulino do Rego Barros Jr., a seven-year company veteran. Board member Mark Feidler, a former telecom executive, was named nonexecutive chairman.

Until recently, many of the fraud prevention tactics employed by organizations have added to, not reduced, customer friction across the buying cycle, writes Michael Lynch, chief strategy officer at InAuth.

The Consumer Financial Protection Bureau’s final rule on arbitration clauses may be bad news for alleged corporate wrongdoers like Equifax and Wells Fargo, but surely for the victims of such wrongdoing — and for consumers, generally — it is good news indeed.

In Pictures

SourceMedia's PayThink conference is an annual gathering of key decision-makers in the financial services and payments industries. This year's event, which took place in Phoenix this September, brought several key ideas to light.

While the payments industry may believe a &quot;breach fatigue&quot; has set in, it may have been the expectation of a cowed and apathetic public that partly led to Equifax’s maligned response after its data breach was finally made public.

Resources

This issue looks at how innovation at the gas pump is driving technology developments throughout the payments industry. To get the magazine, please contact Customer Service at help@sourcemedia.com or 212-803-8500

Feedzai’s CTO, Paulo Marques, explains why he hasn’t seen an organization succeed yet. In this report, he dispells some of the myths around building a machine learning system, from his vantage point at the helm of an organization that has spent years to build the most advanced machine learning for risk.